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Real estate Q&A: Can I sell one of my parking spots?

Gary M. Singer, South Florida Sun Sentinel on

Published in Home and Consumer News

Q: I live in a condominium where every apartment has two assigned parking spots. Since it is just me, one of my neighbors asked me if I would sell him one of my spots. Since I am not using it and times are tight, the extra money would help. Am I allowed to do this? — Ted

A: To get to the bottom of this, you must answer two questions: Can you sell one of your parking spots, and should you do so?

While getting some extra funds in is always helpful, selling one of your spots will have ramifications. First off, if you ever need another spot, you may not be able to get one, and even if you can, its price may be higher than what you sold it for.

Perhaps more importantly, selling your parking spot will decrease your apartment’s value, costing you money when it comes time to sell it. An apartment with only one parking spot is worth less than a similar one with two spots.

Condo parking spots are generally dealt with in three ways. Some are set up so that each space is owned outright, usually by a unit owner. These spots are generally deeded, and their owner pays property taxes on the space. Others are owned by the association but permanently assigned to a unit as a “limited common element.” Finally, some associations have all the units share the group of spots, leaving owners to park wherever available.

 

Regardless of whether your spot is owned or just assigned to you, you will need to check your association’s rules to see if it can be transferred.

Even if the rules allow it to be transferred, there may be other restrictions. Some associations will only allow the space to be transferred to another unit owner and might even require each unit to maintain a minimum number of spots.

If your association allows the transfer and you decide to sell it, make sure to follow the correct procedure to do so to avoid potential problems later.


©2023 South Florida Sun Sentinel. Visit at sun-sentinel.com. Distributed by Tribune Content Agency, LLC.

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